Stimulus 2021

Mr. Biden has asked Congress to pass a $1.9 trillion Covid relief package. Opponents argue that it will cost too much, but how much does it really cost, and what is the price of inaction?

The money doesn’t disappear. It goes back into the economy. People who receive stimulus checks or extended unemployment payments will use that money to buy goods and services. This will help businesses in their communities.

When businesses receive payments, it helps them to stay in operation. They in turn pay employees and suppliers who in turn do even more with the money that they receive.

Money for hospitals and vaccine distribution is a no brainer. Nothing is going to get back to normal until the population has been vaccinated.

Money granted to state and local governments will enable them to continue to pay teachers, firefighters, and other essential workers through the pandemic. It will also help pay for public health investments with immediate benefits to the entire community.

The economy as a whole will benefit from a stimulus package, but does the proposed bill cost too much? To put it in context, think about the cost of doing nothing or of passing a smaller package. What is the cost of letting the pandemic rage on for longer than it has to? What is the cost of additional economic hardship, of higher unemployment, of more businesses shutting down? What is the cost of evictions, lost rent, and defaulted payments? What is the cost in loss of tax revenue? What is the cost of extended school closings? What is the cost of lives lost that could have been saved with an aggressive vaccine roll out?

Extraordinary challenges demand an extraordinary response. Let’s attack the problem and do what we have to get through the next few months. Life will be brighter if we take decisive action now.